Transcend Infrastructure, an indirectly owned subsidiary of the American Tower Corporation, has approached the Foreign Investment Promotion Board (FIPB) for approval to buy the Essar Group’s tower arm for Rs 20 billion

Transcend Infrastructure, an indirectly owned subsidiary of the
American Tower Corporation, has approached the Foreign Investment Promotion Board (FIPB) for approval to buy the Essar Group’s tower arm for Rs 20 billion. The company entered into an agreement with Essar Telecom Infrastructure Private Limited in this regard in February 2010. The transaction is expected to be completed in about three months. The Department of Industrial Policy and Promotion has approved the proposal.